Financial Independence Daily FI discussion thread - Friday, January 29, 2021 |
- Daily FI discussion thread - Friday, January 29, 2021
- Beginning of our middle class FIRE journey - 2021
- Weekly FI Frugal Friday thread - January 29, 2021
| Daily FI discussion thread - Friday, January 29, 2021 Posted: 29 Jan 2021 02:00 AM PST Please use this thread to have discussions which you don't feel warrant a new post to the sub. While the Rules for posting questions on the basics of personal finance/investing topics are relaxed a little bit here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Have a look at the FAQ for this subreddit before posting to see if your question is frequently asked. Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Beginning of our middle class FIRE journey - 2021 Posted: 29 Jan 2021 02:22 PM PST Hi everyone, I've been a long-time lurker of the FIRE community here all through my years in school. The consistency and resolve I've seen from you guys have inspired me immensely. And now that I finally have my first full-time job, I would love to share my journey with you and document my path to FIRE. Background: Spouse and I are aged 30 and 24. We live in a MCOL suburb of a VHCOL city on the East Coast. Recently got my MS in applied math. Spouse has an MS in a liberal arts field and works part time at a job they love. Our combined W2 income will be around 85k this year, projected to grow by a good amount as we progress in our respective fields. Current Net Worth: $148k Equity Breakdown: $80k in primary residence that we purchased last year, after crunching numbers for a long time. Got an interest rate of around 3% which we're happy about. $45k in cash, which is gradually being invested into a 3 fund portfolio in brokerage account. Target is keeping around $30k in cash (a lot, but last year scared me). $13k in 2 Roth IRA's, maxing this out since last year. All equity. $10k in brokerage account. Equity/bond is about 75%/25%. Some equity in car but I don't include it. I see it as more of an expense than an asset. I just had my HSA and 401k set up at work, and plan to max out both. Currently both at 0 since I just got started. Debt Breakdown: $300k left on mortgage. Spouse had small amounts in student loans which has been paid off. Looking ahead: I am very much an inexperienced young person who just got started on this journey. We plan to have 1-2 children in the next 10 years or so, which will definitely change our plans a lot. I can't tell for sure when retirement is at this point, but we project it to be in our late 40s/early 50s. Hopefully this will become more concrete as our salaries progress. I see us being able to cut back on housing costs after retirement, as we move farther away from big cities. My biggest feeling towards FIRE right now is uncertainty in my future. It's so hard for me to see where I will be financially, a long time from now. I know this kind of anxiety is normal for people my age, so I try to deal with it by staying the course. I don't have a lot of great experiences or tips to share like you guys do at this point, but I'd love to chat and hear any suggestions from you guys. I also plan to track my journey every year as I progress. Thank you all in advance! 🥰 [link] [comments]  |
| Weekly FI Frugal Friday thread - January 29, 2021 Posted: 29 Jan 2021 02:00 AM PST Please use this thread to discuss how amazingly cheap you are. How do you keep your costs low? How do become frugal without taking it to the extremes of frupidity? What costs have you realized could be cut from your life without pain? Use this weekly post to discuss Frugality in general. While the Rules for posting questions on the basics of personal finance/investing topics are more relaxed here, the rules against memes/spam/self-promotion/excessive rudeness/politics still apply! Since this post does tend to get busy, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
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